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« Back STATEMENT OF UNAUDITED STANDALONE & CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2020

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2020

 

(Rupee Crore)

Sl. No.ParticularsQuarter
ended 30.09.2020
(Unaudited)
Quarter
ended 30.06.2020
(Unaudited)
Quarter
ended 30.09.2019
(Unaudited)
Six months
ended 30.09.2020
(Unaudited)
Six months
ended 30.09.2019
(Unaudited)
Year
ended 31.03.2020
(Audited)
12345678
1Income      
 (a) Revenue from operations24677.1423453.4622764.5748130.6046957.1697700.39
 (b) Other income1346.19567.54893.661913.731219.882778.02
 Total income (a+b)26023.3324021.0023658.2350044.3348177.04100478.41
2Expenses      
 (a) Fuel cost13038.5311508.1812912.2124546.7126786.5454241.82
 (b) Electricity purchased for trading689.90860.74568.851550.641353.332776.44
 (c) Employee benefits expense1346.461287.771137.152634.232332.964925.60
 (d) Finance costs1772.812082.521618.993855.333184.256781.97
 (e) Depreciation and amortisation expense2529.422529.742123.145059.164174.098622.85
 (f) Other expenses  2418.852051.691800.174470.543685.768663.81
 Total expenses (a+b+c+d+e+f)21795.9720320.6420160.5142116.6141516.9386012.49
3Profit before exceptional items, tax and regulatory deferral account balances (1-2)4227.363700.363497.727927.726660.1114465.92
4Exceptional items-(income) / expense (Refer Note 8)560.43802.57-1363.00--
5Profit before tax and regulatory deferral account balances (3-4)3666.932897.793497.726564.726660.1114465.92
6Tax expense:      
 (a) Current tax678.03522.72498.211200.751194.615153.46
 (b) Deferred tax(169.02)707.45604.82538.43978.634028.49
 Total tax expense (a+b)509.011230.171103.031739.182173.249181.95
7Profit before regulatory deferral account balances (5-6)3157.921667.622394.694825.544486.875283.97
8Net movement in regulatory deferral account balances (net of tax)346.88802.54867.751149.421378.364828.84
9Profit for the period (7+8)3504.802470.163262.445974.965865.2310112.81
10Other comprehensive income      
 Items that will not be reclassified to profit or loss      
 (a)Net acturial gains/(losses) on defined benefit plans(59.16)(59.20)(64.71)(118.36)(128.71)(346.04)
 (b)Net gains/(losses) on fair value of equity instruments(1.14)11.70(13.08)10.56(20.58)(41.64)
 Income tax on items that will not be reclassified to profit or loss      
 (a)Net acturial gains/(losses) on defined benefit plans10.3410.348.7020.6822.4960.46
 Other comprehensive income for the period (net of tax)(49.96)(37.16)(69.09)(87.12)(126.80)

(327.22)

11Total comprehensive income for the period (9+10) 3454.842433.003193.355887.845738.439785.59
12Paid-up equity share capital (Face value of share Rupee 10/- each)9894.569894.569894.569894.569894.569894.56
13Paid-up debt capital$   158685.95137640.75152693.62
14Other equity excluding revaluation reserve as per balance sheet   106917.17100294.97103674.88
15Net worth*   116246.75109529.71112980.96
16Debenture redemption reserve   6953.937469.937011.43
17Earnings per share (of Rupee 10/- each) - (not annualised) (including net  movement  in  regulatory  deferral  account  balances):  Basic and Diluted (in Rupee)3.542.503.306.045.9310.22
18Earnings per share (of Rupee 10/- each) - (not annualised) (excluding net  movement  in  regulatory  deferral  account  balances):  Basic and Diluted (in Rupee)3.191.692.424.884.535.34
19Debt equity ratio   1.371.261.35
20Debt service coverage ratio (DSCR)   1.802.062.07
21Interest service coverage ratio (ISCR)   4.374.434.45

$ Comprises long term debts

* Excluding Fly ash utilization reserve

See accompanying notes to the standalone financial results.

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rupee Crore)
Sl.No.ParticularsAs at
30.09.2020 (Unaudited)
As at
31.03.2020 (Audited)
AASSETS  
1Non-current assets  
 (a) Property, plant and equipment155779.42156273.02
 (b) Capital work-in-progress75135.6073066.76
 (c) Intangible assets525.61538.28
 (d) Intangible assets under development461.08292.52
 (e) Financial assets  
      (i) Investments in subsidiaries and joint venture companies26851.9626350.61
      (ii) Other investments60.8450.28
      (iii) Loans711.77600.26
      (iv) Other financial assets1195.051425.16
 (f) Other non-current assets11475.3611122.62
 Sub-total - Non-current assets272196.69269719.51
2Current assets  
      (a) Inventories9275.1710731.86
      (b) Financial assets  
         (i) Trade receivables26788.9215668.11
         (ii) Cash and cash equivalents19.7620.37
         (iii) Bank balances other than cash and cash equivalents6328.722188.74
         (iv) Loans289.58308.56
         (v) Other financial assets12298.7411529.13
      (c) Other current assets8009.828378.41
 Sub-total - Current assets63010.7148825.18
3Regulatory deferral account debit balances10448.079122.76
 TOTAL - ASSETS345655.47327667.45
BEQUITY AND LIABILITIES  
1Equity  
 (a) Equity share capital9894.569894.56
 (b) Other equity106917.17103674.88
 Sub-total - Total equity116811.73113569.44
2Liabilities  
(i)Non-current liabilities  
      (a) Financial liabilities  
         (i) Borrowings146461.30146538.70
         (ii)  Trade payables  
           - Total outstanding dues of micro and small enterprises8.9910.35
           - Total outstanding dues of creditors other than micro and small enterprises58.9357.66
         (iii) Other financial liabilities603.46652.24
      (b) Provisions660.09635.69
      (c) Deferred tax liabilities (net)8564.738093.98
 Sub-total -  Non-current liabilities156357.50155988.62
(ii)Current liabilities  
      (a) Financial liabilities  
         (i) Borrowings16871.4714049.36
         (ii) Trade payables  
           - Total outstanding dues of micro and small enterprises287.08495.70
           - Total outstanding dues of creditors other than micro and small enterprises9174.298504.93
         (iii) Other financial liabilities34472.0423715.74
      (b) Other current liabilities1480.811270.90
      (c) Provisions7323.896830.22
 Sub-total - Current liabilities69609.5854866.85
3Deferred revenue2876.663242.54
 TOTAL - EQUITY AND LIABILITIES345655.47327667.45
 

 

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2020

(Rupee Crore)
Sl.No.ParticularsQuarter ended 30.09.2020
(Unaudited)
Quarter ended 30.06.2020
(Unaudited)
Quarter ended 30.09.2019
(Unaudited)
Six months ended 30.09.2020
(Unaudited)
Six months ended 30.09.2019
(Unaudited)
Year
ended 31.03.2020 (Audited)
12345678
1Segment revenue      
 - Generation24650.7322958.8322811.0847609.5646328.0196583.92
 - Others932.021385.251113.012317.272413.434991.11
 - Unallocated590.4817.54121.39608.02205.82428.19
 - Less: Inter segment elimination149.90340.62387.25490.52770.221524.81
 Total26023.3324021.0023658.2350044.3348177.04100478.41
2Segment results      
 Profit before interest, exceptional items and tax (including
regulatory deferral account balances)
      
 - Generation6096.507159.956256.3313256.4511742.5427606.70
 - Others47.82104.75118.66152.57273.39569.02
 Total6144.327264.706374.9913409.0212015.9328175.72
 Less:      
 (i) Finance costs1772.812082.521618.993855.333184.256781.97
 (ii) Other unallocated expenditure net of unallocable income(276.16)509.37238.98233.21501.401076.68
 (iii) Exceptional items (Refer Note 8)560.43802.57-1363.00--
 Profit before tax (including regulatory deferral account balances)4087.243870.244517.027957.488330.2820317.07
 Tax expense (including tax on movement in regulatory deferral account balances)582.441400.081254.581982.522465.0510204.26
 Profit after tax3504.802470.163262.445974.965865.2310112.81
3Segment assets      
 - Generation222573.55225747.72183337.94222573.55183337.94211353.34
 - Others7076.297310.655995.327076.295995.326685.20
 - Unallocated116005.63107841.53120754.98116005.63120754.98109628.91
 Total345655.47340899.90310088.24345655.47310088.24327667.45
4Segment liabilities      
 - Generation20086.3719928.0418325.5320086.3718325.5318410.27
 - Others3568.793567.463582.223568.793582.223841.80
 - Unallocated205188.58201435.60177990.96205188.58177990.96191845.94
 Total228843.74224931.10199898.71228843.74199898.71214098.01
The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

 

STANDALONE STATEMENT OF CASH FLOWS

(Rupee Crore)
ParticularsSix months ended 30.09.2020
(Unaudited)
Six months ended 30.09.2019
(Unaudited)
Year ended 31.03.2020
(Audited)
A.CASH FLOW FROM OPERATING ACTIVITIES   
 Profit before tax6564.726660.1114465.92
 Add: Net movements in regulatory deferral account balances (net of tax)1149.421378.364828.84
 Add: Tax on net movements in regulatory deferral account balances243.34291.811022.31
 Profit before tax including movements in regulatory deferral account balances7957.488330.2820317.07
 Adjustment for:   
 Depreciation and amortisation expense5059.164174.098622.85
 Provisions237.25118.25265.73
 Deferred revenue on account of government grants(14.25)(18.09)33.07
 Deferred foreign currency fluctuation asset269.06(245.24)(1033.89)
 Deferred income from foreign currency fluctuation(214.24)362.771289.12
 Regulatory deferral account debit balances(1392.76)(1670.17)(5851.15)
 Fly ash utilisation reserve fund(23.50)23.19(48.15)
 Exchange differences on translation of foreign currency cash and cash equivalents(0.01)-0.03
 Finance costs3835.283166.996730.26
 Unwinding of discount on vendor liabilities20.0517.2651.71
 Interest/income on term deposits/bonds/investments(25.70)(27.55)(53.22)
 Dividend income(563.33)(83.65)(210.40)
 Provisions written back(13.52)(31.33)(471.04)
 Profit on de-recognition of property, plant and equipment(1.62)(0.68)(12.25)
 Loss on de-recognition of property, plant and equipment44.2133.9659.96
  7216.085819.809372.63
 Operating profit before working capital changes15173.5614150.0829689.70
 Adjustment for:   
 Trade receivables(11120.81)(10998.23)(7234.25)
 Inventories1805.831150.22(2206.69)
 Trade payables, provisions, other financial liabilities and other liabilities1934.472027.201534.47
 Loans, other financial assets and other assets(696.16)1230.303420.35
  (8076.67)(6590.51)(4486.12)
 Cash generated from operations7096.897559.5725203.58
 Income taxes (paid) / refunded(1218.48)(1401.02)(3189.32)
 Net cash from/(used in) operating activities - A5878.416158.5522014.26
B.CASH FLOW FROM INVESTING ACTIVITIES   
 Purchase of property, plant and equipment & intangible assets(6389.42)(7452.11)(14534.55)
 Disposal of property, plant and equipment & intangible assets2.772.9163.62
 Investment in subsidiaries and joint venture companies(321.95)(1087.52)(13317.48)
 Loans and advances to subsidiaries(71.74)(200.64)(46.32)
 Interest/income on term deposits/bonds/investments received26.6116.3863.18
 Income tax paid on interest income(61.52)(5.43)(37.23)
 Dividend received563.3383.65210.40
 Bank balances other than cash and cash equivalents(4140.89)(1234.03)(78.74)
 Net cash from/(used in) investing activities - B(10392.81)(9876.79)(27677.12)
C.CASH FLOW FROM FINANCING ACTIVITIES   
 Proceeds from non-current borrowings11749.2612960.5828775.62
 Repayment of non-current borrowings(5485.23)(3632.53)(7667.17)
 Proceeds from current borrowings2822.111655.41(1326.73)
 Payment of lease liabilities(7.99)(4.63)(42.77)
 Interest paid(4564.37)(4242.54)(10503.90)
 Dividend paid-(2473.64)(2968.37)
 Tax on dividend-(506.62)(607.80)
 Net cash from/(used in) financing activities - C4513.783756.035658.88
D.Exchange differences on translation of foreign currency cash and cash equivalents0.01-(0.03)
 Net increase/(decrease) in cash and cash equivalents (A+B+C+D)(0.61)37.79(4.01)
 Cash and cash equivalents at the beginning of the period20.3724.3824.38
 Cash and cash equivalents at the end of the period19.7662.1720.37

Notes to Standalone Financial Results:

1. The above standalone financial results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 31 October 2020 and approved by the Board of Directors in their meeting held on 2 November 2020.

2. The Joint Statutory Auditors of the Company have carried out the limited review of these standalone financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

3. a) (i)The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019, capacity charges are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations, 2019. In case of new projects, which got commercialised from 1 April 2019 and projects where tariff approved and applicable as on 31 March 2019 is pending from CERC, billing is done based on capacity charges as filed with CERC in tariff petition. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter and six months ended 30 September 2020 is Rupee 23,260.17 crore and Rupee 44,878.28 crore respectively (previous quarter and six months Rupee 21,809.57 crore and Rupee 44,934.10 crore).

(ii) Sales  for the quarter and six months ended 30 September 2020 have been provisionally recognized at Rupee 23,540.27 crore and Rupee 45,128.46 crore respectively (previous quarter and six months Rupee 21,860.88 crore and Rupee 44,886.54 crore) on the said basis.

b) Sales for the quarter and six months ended 30 September 2020 include Rupee 41.49 crore and Rupee 581.73 crore respectively (previous quarter and six months Rupee 68.07 crore and Rupee 56.43 crore) pertaining to earlier years on account of revision of energy charges due to grade slippages and other adjustments.

c) Sales for the quarter and six months ended 30 September 2020 also include Rupee 21.85 crore and Rupee 42.24 crore respectively (previous quarter and six months Rupee 12.39 crore and Rupee 35.26 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.

d) Revenue from operations for the quarter and six months ended 30 September 2020 include Rupee 704.76 crore and Rupee 1,585.73 crore respectively (previous quarter and six months Rupee 601.18 crore and Rupee 1,425.91 crore) on account of sale of energy through trading.

4. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off the appeal, inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgement of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. All the units of the project have been declared commercial in the earlier years. The carrying cost of the project as at 30 September 2020 is Rupee 15,301.66 crore (31 March 2020: Rupee 15,662.28 crore). Management is confident that the approval for the project shall be granted, hence no provision is considered necessary.

5. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7 May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the said hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 30 September 2020 is Rupee 163.59 crore (31 March 2020: Rupee 163.40 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

6. An amount of Rupee 754.89 crore (31 March 2020: Rupee 749.01 crore) has been incurred upto 30 September 2020 in respect of one of the hydro power projects of the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), Government of India (GOI), which includes Rupee 444.74 crore (31 March 2020: Rupee 439.57 crore) in respect of arbitration awards challenged by the Company before the Hon'ble High Court of Delhi. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions made in this regard. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of  contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

7. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years, after which it was to be transferred to the Company at Rupee 1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company. Based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India, an amount of Rupee 356.31 crore was paid upto 31 March 2019.

Further, the Arbitral Tribunal had awarded a claim of Rupee 1,891.09 crore plus applicable interest in favour of the operator, during the financial year 2018-19. The Company aggrieved by the arbitral award and considering legal opinion obtained, had filed an appeal before the Hon'ble High Court of Delhi (Hon'ble High Court) against the said arbitral award in its entirety.

In the previous year, against the appeal of the Company, Hon'ble High Court vide its order dated 23 September 2019 held that subject to deposit of Rupee 500.00 crore by the Company with the Registrar General of the Court within six weeks, execution of the impugned award shall remain stayed till the next date of hearing and upon handing over the entire infrastructure in terms of the contract by the operator to the Company, the Registrar General shall release the amount to the operator against a bank guarantee. The said amount was deposited with the Hon'ble High Court on 5 November 2019. Hon'ble High Court vide its order dated 8 January 2020 directed the parties to commence formal handing over of the infrastructure in the presence of appointed Local Commissioner and also directed release of Rupee 500.00 crore to the operator by the Registrar General subject to the outcome of this application of the Company for formal handing over of the infrastructure. On 17 January 2020, unconditional bank guarantee was submitted by the operator to Registrar General and Rupee 500.00 crore was released to operator by the Hon’ble High Court. As per orders of Hon'ble High Court, formal handing over of the infrastructure started on 20 January 2020 at the project site. However, due to certain local administrative issues initially and further due to COVID-19 pandemic, Local Commissioner’s visit has been deferred. The handing over of the infrastructure facility has not yet completed.

Pending final disposal of the appeal by the Hon’ble High Court, considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ and Significant Accounting Policies of the Company, provision has been updated by interest to Rupee 38.01 crore as at 30 September 2020 (31 March 2020:Rupee 37.92 crore) and the balance amount of Rupee 2,084.40 crore (31 March 2020: Rupee 2,014.84 crore) has been considered as contingent liability.

8. The Company is in the business of generation and sale of electricity which is an essential service as emphasized by the Ministry of Power, Government of India. During the outbreak of COVID-19, the Company has ensured the availability of its power plants to generate power and has continued to supply power during the period of lockdown. In line with the directions of MOP dated 15 & 16 May 2020, issued in accordance with the announcement of GOI under the Atmanirbhar Bharat Special Economic and Comprehensive package, to allow a rebate of between 20%-25% on the capacity charges during the lock down period subject to approval of the Board, an amount of Rupee 1,363.00 crore has been approved by the Board, to be allowed during the year 2020-21. The entire amount has since been accounted for and disclosed as exceptional item.

Further, Central Electricity Regulation Commission issued an order dated 3 April 2020 whereby it was directed that Late Payment Surcharge (LPSC) shall apply at a reduced rate of 12% p.a. instead of the normal rate of 18% p.a. on the payments becoming overdue during the period from 24 March 2020 to 30 June 2020 to contain the impact of COVID-19. Further, under the Atmanirbhar Bharat package, the Company has deferred the capacity charges to DISCOMS for the lockdown period for the power not scheduled to be payable without interest after the lock down period in three equal monthly installments. The impact on profit for the quarter and six months ended 30 September 2020 due to the reduction in LPSC rate and deferment of capacity charges, is not material.

The Company has considered possible impact of COVID-19 in the preparation of financial results. The Management does not anticipate any material medium to long-term impact on the financial position of the Company. The Company will continue to closely monitor any material changes to the future economic conditions.

9. During the six months ended 30 September 2020, one thermal unit of 660 MW at Khargone has been declared commercial w.e.f. 4 April 2020.

10. During the quarter, the Company has paid final dividend of Rupee 2.65 per share (face value of Rupee 10/- each) for the financial year 2019-20.

11. The Board of Directors of the Company at its meeting held on 2 November 2020, has approved a proposal to buy-back upto 19,78,91,146 equity shares of the Company for an aggregate amount not exceeding Rupee 2,275.75 crore being 2% of the total paid up equity share capital at Rupee 115.00 per equity share from all equity shareholders of the Company as on the record date ,on proportionate basis, through a Tender Offer. The buy back of shares is expected to be completed by January 2021.

12. Formula used for computation of coverage ratios DSCR  = Earning before Interest, Depreciation, Tax and Exceptional items /(Interest net of transfer to expenditure during construction + Scheduled principal repayments of the long term borrowings)  and ISCR = Earning before Interest, Depreciation, Tax and Exceptional items/(Interest net of transfer to expenditure during construction).

13. Company has maintained required asset cover as per the terms of offer document/ Information Memorandum and/or Debenture Trust Deed, including compliance with all the covenants, in respect of the listed non-convertible debt securities.

14. Previous periods figures have been reclassified wherever considered necessary.

 

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2020

 

(Rupee Crore)

Sl. No.ParticularsQuarter ended 30.09.2020 (Unaudited)Quarter ended 30.06.2020 (Unaudited)Quarter
ended 30.09.2019 (Unaudited)
Six months ended 30.09.2020 (Unaudited)Six months
ended 30.09.2019 (Unaudited)
Year
ended 31.03.2020  (Audited)
12345678
1Income      
 (a) Revenue from operations27707.7626194.7625708.9853902.5252595.20109464.04
 (b) Other income969.88599.92859.641569.801326.782908.54
 Total income (a+b)28677.6426794.6826568.6255472.3253921.98112372.58
2Expenses      
 (a) Fuel cost13748.3312101.9213532.2625850.2528122.7557185.62
 (b) Electricity purchased for trading1180.001371.001221.062551.002664.105185.95
 (c) Employee benefits expense1611.871536.681393.573148.552805.995830.48
 (d) Finance costs2219.372465.251911.714684.623769.218116.85
 (e) Depreciation and amortisation expense3014.832936.642531.225951.474960.5210356.16
 (f) Other expenses  2655.282237.551990.384892.834071.959725.41
 Total expenses (a+b+c+d+e+f)24429.6822649.0422580.2047078.7246394.5296400.47
3Profit before exceptional items, tax, Regulatory deferral account balances and Share of net profit of joint ventures accounted for using equity method (1-2)4247.964145.643988.428393.607527.4615972.11
4Share of net profits of joint ventures accounted for using equity method151.42134.05123.93285.47271.05405.40
5Profit before exceptional items, tax and regulatory deferral account balances (3+4)4399.384279.694112.358679.077798.5116377.51
6Exceptional items-(income) / expense (Refer Note 9)670.20836.76-1506.96--
7Profit before tax and regulatory deferral account balances (5-6)3729.183442.934112.357172.117798.5116377.51
8Tax expense      
 (a) Current tax761.14583.29603.991344.431372.265526.53
 (b) Deferred tax(120.58)803.29642.41682.71990.393821.01
 Total tax expense (a+b)640.561386.581246.402027.142362.659347.54
9Profit before regulatory deferral account balances (7-8)3088.622056.352865.955144.975435.867029.97
10Net movement in regulatory deferral account balances (net of tax)405.99892.59922.161298.581484.984872.01
11Profit for the period (9+10)3494.612948.943788.116443.556920.8411901.98
12Other comprehensive income      
 (a)Items that will not be reclassified to profit or loss      
  (i)Net actuarial gains/(losses) on defined benefit plans(63.05)(61.36)(70.40)(124.41)(134.34)(372.10)
  (ii)Net gains/(losses) on fair value of equity instruments(1.14)11.70(13.08)10.56(20.58)(41.64)
  (iii)Share of other comprehensive income of joint ventures accounted for under the equity method(0.06)(0.06)(0.58)(0.12)(0.90)(0.50)
  Income tax on items that will not be reclassfied to profit or loss      
  (i)Net acturial gains/(losses) on defined benefit plans11.1410.6910.2321.8323.5566.52
 (b)Items that will be reclassified to profit or loss      
  (i)Exchange differences on translation of foreign operations(13.43)(4.84)7.91(18.27)5.4940.00
 Other comprehensive income for the period (net of tax) (a+b)(66.54)(43.87)(65.92)(110.41)(126.78)(307.72)
13Total comprehensive income for the period (11+12) 3428.072905.073722.196333.146794.0611594.26
14Profit attributable to owners of the parent company3435.992890.393714.596326.386801.4611600.23
15Profit attributable to non-controlling interest58.6258.5573.52117.17119.38301.75
16Other comprehensive income attributable to owners of the parent company(66.17)(43.61)(65.68)(109.78)(126.30)(303.43)
17Other comprehensive income attributable to non controlling interest(0.37)(0.26)(0.24)(0.63)(0.48)(4.29)
18Paid-up equity share capital
(Face value of share Rupee 10/- each)
9894.569894.569894.569894.569894.569894.56
19Paid-up debt capital$   190902.03168089.58184073.44
20Other equity excluding revaluation reserve as per balance sheet   112562.80105172.00108944.60
21Net worth*   121872.68114400.61118237.09
22Debenture redemption reserve   7657.978165.477700.97
23Earnings per share (of Rupee 10/- each) - (not annualised) (including net movement in regulatory deferral account balances): Basic and Diluted (in Rupee)3.472.923.756.396.8711.72
24Earnings per share (of Rupee 10/- each) - (not annualised) (excluding net movement in regulatory deferral account balances): Basic and Diluted (in Rupee)3.062.022.825.085.376.80
25Debt equity ratio   1.571.471.56
26Debt service coverage ratio (DSCR)   1.651.901.97
27Interest service coverage ratio (ISCR)   4.124.394.34

$ Comprises long term debts

* Excluding Fly ash utilization reserve and Corporate social responsibility reserve

See accompanying notes to the consolidated financial results

 

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(Rupee Crore)
Sl.No.ParticularsAs at
 30.09.2020 (Unaudited)
As at
 31.03.2020 (Audited)
AASSETS  
1Non-current assets  
 (a) Property, plant and equipment192518.67187176.46
 (b) Capital work-in-progress95363.2198210.94
 (c) Intangible assets612.11626.33
 (d) Intangible assets under development466.32297.53
 (e) Investments accounted for using the equity method9587.759256.31
 (f) Financial assets  
      (i) Investments60.8450.28
      (ii) Loans506.13511.08
      (iii) Other financial assets1195.051227.88
 (g) Other non-current assets14242.0413726.72
 Sub-total - Non-current assets314552.12311083.53
2Current assets  
      (a) Inventories9658.0811138.54
      (b) Financial assets  
         (i) Trade receivables31543.8420370.80
         (ii) Cash and cash equivalents866.80589.52
         (iii) Bank balances other than cash and cash equivalents6769.042624.77
         (iv) Loans234.62252.67
         (v) Other financial assets13863.4313027.80
      (c) Current tax assets (Net)71.8483.26
      (d) Other current assets8497.148818.51
 Sub-total - Current assets71504.7956905.87
3Regulatory deferral account debit balances10896.419397.73
 TOTAL - ASSETS396953.32377387.13
BEQUITY AND LIABILITIES  
1Equity  
 (a) Equity share capital9894.569894.56
 (b) Other equity112562.80108944.60
 Total equity attributable to the owners of the parent122457.36118839.16
 Non controlling interest3383.203317.19
 Sub-total - Total equity125840.56122156.35
2Liabilities  
(i)Non-current liabilities  
      (a) Financial liabilities  
         (i) Borrowings177540.20176020.02
         (ii) Trade payables  
           - Total outstanding dues of micro and small enterprises8.9910.35
           - Total outstanding dues of creditors other than micro and small enterprises58.9557.75
         (iii) Other financial liabilities1204.741404.45
      (b) Provisions1034.971169.17
      (c) Deferred tax liabilities (net)8232.307617.11
 Sub-total -  Non-current liabilities188080.15186278.85
(ii)Current liabilities  
      (a) Financial liabilities  
         (i) Borrowings19658.5116556.23
         (ii) Trade payables  
           - Total outstanding dues of micro and small enterprises303.39512.24
           - Total outstanding dues of creditors other than micro and small enterprises10216.559596.34
         (iii) Other financial liabilities38733.0128646.96
      (b) Other current liabilities1993.941736.71
      (c) Provisions7890.307287.91
      (d) Current tax liabilities (net)23.041.71
 Sub-total - Current liabilities78818.7464338.10
3Deferred revenue4213.874613.83
 TOTAL - EQUITY AND LIABILITIES396953.32377387.13

 

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2020

(Rupee Crore)
Sl.No.ParticularsQuarter ended 30.09.2020
(Unaudited)
Quarter ended 30.06.2020
(Unaudited)
Quarter ended 30.09.2019
(Unaudited)
Six months ended 30.09.2020
(Unaudited)
Six months ended 30.09.2019
(Unaudited)
Year ended 31.03.2020
(Audited)
12345678
1Segment revenue      
 - Generation27343.2325304.3725178.9252647.6050841.95106441.61
 - Others1906.062363.412224.344269.474740.369425.86
 - Unallocated25.5112.2512.2537.76110.60162.13
 - Less: Inter segment elimination597.16885.35846.891482.511770.933657.02
 Total28677.6426794.6826568.6255472.3253921.98112372.58
2Segment results      
 Profit before interest, exceptional items and tax (including regulatory deferral account balances)      
 - Generation7143.888082.467161.6815226.3413353.3130688.92
 - Others81.01126.44166.48207.45345.70605.39
 Total7224.898208.907328.1615433.7913699.0131294.31
 Less:      
 (i) Finance costs2219.372465.251911.714684.623769.218116.85
 (ii) Other unallocated expenditure net of unallocable income123.41380.61224.19504.02325.57895.87
 (iii) Exceptional items (Refer Note 9)670.20836.76-1506.96--
 Profit before tax (including regulatory deferral account balances)4211.914526.285192.268738.199604.2322281.59
 Tax expense (including tax on movement in regulatory deferral account balances)717.301577.341404.152294.642683.3910379.61
 Profit after tax3494.612948.943788.116443.556920.8411901.98
3Segment assets      
 - Generation267440.66271176.54221341.19267440.66221341.19249707.52
 - Others8911.859597.048156.408911.858156.408496.37
 - Unallocated120985.94112032.23139577.42120985.94139577.42119525.64
 - Less: Inter segment elimination385.13529.27429.20385.13429.20342.40
 Total396953.32392276.54368645.81396953.32368645.81377387.13
4Segment liabilities      
 - Generation27401.1827357.4925406.0427401.1825406.0425614.76
 - Others4934.675228.255230.974934.675230.975254.41
 - Unallocated242545.24238565.38223371.44242545.24223371.44228021.20
 - Less:Inter segment elimination385.13529.27429.20385.13429.20342.40
 Total274495.96270621.85253579.25274495.96253579.25258547.97
The operations of the Group are mainly carried out within the country and therefore, there is no reportable geographical segment.

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(Rupee Crore)
ParticularsSix months ended 30.09.2020
(Unaudited)
Six months ended 30.09.2019
(Unaudited)
Year ended 31.03.2020
(Audited)
A.CASH FLOW FROM OPERATING ACTIVITIES   
 Profit before tax7172.117798.5116377.51
 Add: Net movements in regulatory deferral account balances (net of tax)1298.581484.984872.01
 Add: Tax on net movements in regulatory deferral account balances267.50320.741032.07
 Profit before tax including movements in regulatory deferral account balances8738.199604.2322281.59
 Adjustment for:   
 Depreciation and amortisation expense5951.474960.5210356.16
 Provisions223.66119.04421.12
 Share of net profits of joint ventures accounted for using equity method(285.47)(271.05)(405.40)
 Deferred revenue on account of government grants(54.60)(83.03)(91.54)
 Deferred foreign currency fluctuation asset259.22(245.24)(1072.34)
 Deferred income from foreign currency fluctuation(205.80)362.661340.04
 Regulatory deferral account debit balances(1566.08)(1805.72)(5904.08)
 Fly ash utilisation reserve fund(17.39)25.45(38.39)
 Exchange differences on translation of foreign currency cash and cash equivalents(0.01)-0.03
 Finance costs4664.573751.958060.61
 Unwinding of discount on vendor liabilities20.0517.2656.24
 Interest/income on term deposits/bonds/investments(20.52)(26.18)(56.89)
 Dividend income(6.60)-(4.80)
 Provisions written back(14.79)(65.54)(484.06)
 Profit on de-recognition of property, plant and equipment(1.62)(0.70)(12.59)
 Loss on de-recognition of property, plant and equipment44.2334.0264.19
  8990.326773.4412228.30
 Operating profit before working capital changes17728.5116377.6734509.89
 Adjustment for:   
 Trade receivables(11173.04)(11650.11)(8092.46)
 Inventories1851.301078.62(2309.68)
 Trade payables, provisions, other financial liabilities and other liabilities1883.352116.591524.12
 Loans, other financial assets and other assets(697.79)842.752558.22
  (8136.18)(7612.15)(6319.80)
 Cash generated from operations9592.338765.5228190.09
 Income taxes (paid) / refunded(1364.00)(1513.10)(3606.87)
 Net cash from/(used in) operating activities - A8228.337252.4224583.22
B.CASH FLOW FROM INVESTING ACTIVITIES   
 Purchase of property, plant and equipment & intangible assets(7641.18)(8882.75)(18230.44)
 Disposal of property, plant and equipment & intangible assets2.7512.04167.93
 Investment in joint venture companies(68.26)(375.02)(764.98)
 Consideration paid towards acquisition of NEEPCO and THDCIL--(11500.00)
 Interest/income on term deposits/bonds/investments received22.8837.5565.90
 Income tax paid on interest income(116.69)(6.02)(40.79)
 Dividend received from other investments6.60-4.80
 Bank balances other than cash and cash equivalents(4146.63)(1094.86)(24.09)
 Net cash from/(used in) investing activities - B(11940.53)(10309.06)(30321.67)
C.CASH FLOW FROM FINANCING ACTIVITIES   
 Proceeds from non-current borrowings14120.6616453.1633653.14
 Repayment of non-current borrowings(7013.87)(4945.26)(9583.31)
 Proceeds from current borrowings3102.281232.50(812.62)
 Payment of lease liabilities(10.64)(4.63)(78.71)
 Interest paid(6208.96)(5690.49)(13399.15)
 Dividend paid-(2512.64)(3133.37)
 Tax on dividend-(514.64)(641.72)
 Net cash from/(used in) financing activities - C3989.474018.006004.26
D.Exchange differences on translation of foreign currency cash and cash equivalents0.01-(0.03)
 Net increase/(decrease) in cash and cash equivalents (A+B+C+D)277.28961.36265.78
 Cash and cash equivalents at the beginning of the period589.52323.74323.74
 Cash and cash equivalents at the end of the period866.801285.10589.52

Notes to Consolidated Financial Results:

1. The above consolidated financial results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 31 October 2020 and approved by the Board of Directors in their meeting held on 2 November 2020.

2. The Joint Statutory Auditors of the Company have carried out the limited review of these consolidated financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

3. The subsidiary and joint venture companies considered in the consolidated financial results are as follows:

a)Subsidiary CompaniesOwnership (%)
1NTPC Electric Supply Company Ltd.100.00
2NTPC Vidyut Vyapar Nigam Ltd.100.00
3Kanti Bijlee Utpadan Nigam Ltd.100.00
4Nabinagar Power Generating Company Ltd.100.00
5Bhartiya Rail Bijlee Company Ltd.74.00
6Patratu Vidyut Utpadan Nigam Ltd.74.00
7North Eastern Electric Power Corporation Ltd. (NEEPCO)100.00
8THDC India Limited (THDCIL)74.496
9NTPC Mining Ltd.100.00
b)Joint Venture Companies 
1Utility Powertech Ltd.50.00
2NTPC GE Power Services Private Ltd.50.00
3NTPC SAIL Power Company Ltd.50.00
4NTPC Tamilnadu Energy Company Ltd.50.00
5Ratnagiri Gas and Power Private Ltd.25.51
6Aravali Power Company Private Ltd.50.00
7Meja Urja Nigam Private Ltd.50.00
8NTPC BHEL Power Projects Private Ltd.50.00
9National High Power Test Laboratory Private Ltd.20.00
10Transformers and Electricals Kerala Ltd.44.60
11Energy Efficiency Services Ltd.47.15
12CIL NTPC Urja Private Ltd.50.00
13Anushakti Vidhyut Nigam Ltd.49.00
14Hindustan Urvarak and Rasayan Ltd.29.67
15Konkan LNG Private Ltd.14.82
16Trincomalee Power Company Ltd.50.00
17Bangladesh-India Friendship Power Company Private Ltd.50.00

All the above Companies are incorporated in India except Companies at Sl. No.16 and 17 which are incorporated in Srilanka and Bangladesh respectively.

During the six months ended 30 September 2020, the Company has incorporated a subsidiary company 'NTPC EDMC Waste Solutions Pvt. Ltd.', a joint venture with East Delhi Municipal Corporation (EDMC) on 1 June 2020, with equity participation of 74:26 respectively to develop and operate state of the art / modern integrated waste management & energy generation facility. There was no financial transaction in the subsidiary company till 30 September 2020.

4. a) (i) The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019, capacity charges are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations, 2019. In case of new projects, which got commercialised from 1 April 2019 and projects where tariff approved and applicable as on 31 March 2019 is pending from CERC, billing is done based on capacity charges as filed with CERC in tariff petition. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter and six months ended 30 September 2020 is Rupee 25,391.74 crore and Rupee 48,765.72 crore respectively (previous quarter and six months Rupee 23,501.33 crore and Rupee 48,029.07 crore).

(ii) Sales  for the quarter and six months ended 30 September 2020 have been provisionally recognized at Rupee 25,633.69 crore and Rupee 49,020.97 crore respectively (previous quarter and six months Rupee 23,711.90 crore and Rupee 48,197.34 crore) on the said basis.

b) Sales for the quarter and six months ended 30 September 2020 include (-) Rupee 11.40 crore and Rupee 578.45 crore respectively (previous quarter and six months Rupee 89.72 crore and Rupee 80.42 crore) pertaining to earlier years on account of revision of energy charges due to grade slippages and other adjustments.

c) Sales for the quarter and six months ended 30 September 2020 also include Rupee 28.53 crore and Rupee 48.92 crore respectively (previous quarter and six months Rupee 19.12 crore and Rupee 41.99 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.

d) Revenue from operations for the quarter and six months ended 30 September 2020 include Rupee 1,664.52 crore and Rupee 3,548.99 crore respectively (previous quarter and six months Rupee 1,687.81 crore and Rupee 3,736.42 crore) on account of sale of energy through trading.

5. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off the appeal, inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgement of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. All the units of the project have been declared commercial in the earlier years. The carrying cost of the project as at 30 September 2020 is Rupee 15,301.66 crore (31 March 2020: Rupee 15,662.28 crore). Management is confident that the approval for the project shall be granted, hence no provision is considered necessary.

6. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7 May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the said hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 30 September 2020 is Rupee 163.59 crore (31 March 2020: Rupee 163.40 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

7. An amount of Rupee 754.89 crore (31 March 2020: Rupee 749.01 crore) has been incurred upto 30 September 2020 in respect of one of the hydro power projects of the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), Government of India (GOI), which includes Rupee 444.74 crore (31 March 2020: Rupee 439.57 crore) in respect of arbitration awards challenged by the Company before the Hon'ble High Court of Delhi. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions made in this regard. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of  contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

8. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years, after which it was to be transferred to the Company at Rupee 1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company. Based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India, an amount of Rupee 356.31 crore was paid upto 31 March 2019.

Further, the Arbitral Tribunal had awarded a claim of Rupee 1,891.09 crore plus applicable interest in favour of the operator, during the financial year 2018-19. The Company aggrieved by the arbitral award and considering legal opinion obtained, had filed an appeal before the Hon'ble High Court of Delhi (Hon'ble High Court) against the said arbitral award in its entirety.

In the previous year, against the appeal of the Company, Hon'ble High Court vide its order dated 23 September 2019 held that subject to deposit of Rupee 500.00 crore by the Company with the Registrar General of the Court within six weeks, execution of the impugned award shall remain stayed till the next date of hearing and upon handing over the entire infrastructure in terms of the contract by the operator to the Company, the Registrar General shall release the amount to the operator against a bank guarantee. The said amount was deposited with the Hon'ble High Court on 5 November 2019. Hon'ble High Court vide its order dated 8 January 2020 directed the parties to commence formal handing over of the infrastructure in the presence of appointed Local Commissioner and also directed release of Rupee 500.00 crore to the operator by the Registrar General subject to the outcome of this application of the Company for formal handing over of the infrastructure. On 17 January 2020, unconditional bank guarantee was submitted by the operator to Registrar General and Rupee 500.00 crore was released to operator by the Hon’ble High Court. As per orders of Hon'ble High Court, formal handing over of the infrastructure started on 20 January 2020 at the project site. However, due to certain local administrative issues initially and further due to COVID-19 pandemic, Local Commissioner’s visit has been deferred. The handing over of the infrastructure facility has not yet completed.

Pending final disposal of the appeal by the Hon’ble High Court, considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ and Significant Accounting Policies of the Company, provision has been updated by interest to Rupee 38.01 crore as at 30 September 2020 (31 March 2020:Rupee 37.92 crore) and the balance amount of Rupee 2,084.40 crore (31 March 2020: Rupee 2,014.84 crore) has been considered as contingent liability.

9. The Group is mainly in the business of generation and sale of electricity which is an essential service as emphasized by the Ministry of Power, Government of India. During the outbreak of COVID-19, the group companies in the business of generation and sale of electricity have ensured the availability of its power plants to generate power and have continued to supply power during the period of lockdown. In line with the directions of MOP dated 15 & 16 May 2020, issued in accordance with the announcement of GOI under the Atmanirbhar Bharat Special Economic and Comprehensive package, to allow a rebate of between 20%-25% on the capacity charges during the lock down period subject to approval of respective Boards, to be allowed during the year 2020-21. The entire amount has since been accounted for and disclosed as exceptional item.

Further, Central Electricity Regulation Commission issued an order dated 3 April 2020 whereby it was directed that Late Payment Surcharge (LPSC) shall apply at a reduced rate of 12% p.a. instead of the normal rate of 18% p.a. on the payments becoming overdue during the period from 24 March 2020 to 30 June 2020 to contain the impact of COVID-19. Further, under the Atmanirbhar Bharat package, the group companies in the business of generation and sale of electricity have deferred the capacity charges to DISCOMS for the lockdown period for the power not scheduled to be payable to be payable without interest after the lock down period in three equal monthly installments. The impact on profit for the quarter and six months ended 30 September 2020 due to the reduction in LPSC rate and deferment of capacity charges, is not material.

The Group has considered possible impact of COVID-19 in the preparation of financial results. The Group does not anticipate any material medium to long-term impact on the financial position of the Group. The Group will continue to closely monitor any material changes to the future economic conditions.

10. During the half-year, one thermal unit of 660 MW at Khargone of the Company have been declared commercial w.e.f. 4 April 2020. Further, two units of 150 MW each at Kameng Hydro Electric Project of a Subsidiary have been declared commercial w.e.f. 17 June 2020 and 1 July 2020 respectively.

11. During the quarter, the Company has paid final dividend of Rupee 2.65 per share (face value of Rupee 10/- each) for the financial year 2019-20.

12. The Board of Directors of the Company at its meeting held on 2 November 2020, has approved a proposal to buy-back upto 19,78,91,146 equity shares of the Company for an aggregate amount not exceeding Rupee 2,275.75 crore being 2% of the total paid up equity share capital at Rupee 115.00 per equity share from all equity shareholders of the Company as on the record date ,on proportionate basis, through a Tender Offer. The buy back of shares is expected to be completed by January 2021.

13. Formula used for computation of coverage ratios DSCR  = Earning before Interest, Depreciation, Tax and Exceptional items /(Interest net of transfer to expenditure during construction + Scheduled principal repayments of the long term borrowings)  and ISCR = Earning before Interest, Depreciation, Tax and Exceptional items/(Interest net of transfer to expenditure during construction).

14. Company has maintained required asset cover as per the terms of offer document/ Information Memorandum and/or Debenture Trust Deed, including compliance with all the covenants, in respect of the listed non-convertible debt securities.

15. The figures for the quarter and half year ended 30 September 2019 have been restated consequent to acquisition of 74.496% and 100% of paid up equity share capital, held by Government of India, in THDCIL and NEEPCO respectively w.e.f. 27 March 2020 and accounted as a common control acquisition considering Appendix C of Ind AS 103- Business Combinations in the previous financial year.

16. Previous periods figures have been reclassified wherever considered necessary.

 

For and on behalf of the Board of Directors
NTPC Limited

Place: New Delhi
Date: 2 November 2020

       (A.K.Gautam)
DIRECTOR (FINANCE)
DIN:08293632